Mobikwik aims for $400 million GMV from food sector in 2017
Eyeing a 200% increase in footprint in 2017, MobiKwik expects the gross merchandise value (GMV) of its food vertical to reach $400 million by the end of the year, the company said in a statement. This comes on the back of the mobile wallet player expanding its reach in the online and offline segments pan-India.
"We have observed massive growth throughout the food sector - be it online food ordering or eating out at an outlet," said Chief Business Officer at MobiKwik, Vineet Singh. "Consumers in India are developing a taste for paying cashless within seconds," he added.
The company currently enables cashless payments at 20,000 food outlets and websites pan India. These include Dominos, Burger King, Sarvana Bhavan, Monkey bar, Taco Bell and Wow Momos, to name a few. The company also powers payments at Zomato, Swiggy, Food Panda, Faasos and others.
According to an industry report, the growing trend of eating out in India is being led by youngsters. In fact, quick service restaurant chains in India are expected to grow to $ 5.6 billion by 2020, with India’s overall food market expected to grow to$ 240 billion in the same period.
This trend opens up a huge opportunity for digital payments in the sector, as evidenced by the number of outlets that have adopted this technology in recent times.
"We have observed massive growth throughout the food sector - be it online food ordering or eating out at an outlet," said Chief Business Officer at MobiKwik, Vineet Singh. "Consumers in India are developing a taste for paying cashless within seconds," he added.
The company currently enables cashless payments at 20,000 food outlets and websites pan India. These include Dominos, Burger King, Sarvana Bhavan, Monkey bar, Taco Bell and Wow Momos, to name a few. The company also powers payments at Zomato, Swiggy, Food Panda, Faasos and others.
According to an industry report, the growing trend of eating out in India is being led by youngsters. In fact, quick service restaurant chains in India are expected to grow to $ 5.6 billion by 2020, with India’s overall food market expected to grow to$ 240 billion in the same period.
This trend opens up a huge opportunity for digital payments in the sector, as evidenced by the number of outlets that have adopted this technology in recent times.
